HomeMy WebLinkAboutItem 7 PPP 11-13-19 Admin Committeee - CAFR FY2018-19_StaffComprehensive Annual Financial Report
For the Year Ended June 30, 2019
Administration Committee
November 13, 2019
CAFR Purpose
Inform 3 Groups
•Citizenry•Legislative & Oversight Bodies•Investors & Creditors
Independent Auditor -Macias Gini & O’Connell, LLP
Meet criteria for GFOA Award
•24 Consecutive Awards
Present OCSD’s Financial Information
Overview
3 Areas of Review
•Financial Position
•Available Resources
•Financial Performance
Financial Position
•Net Position -$2.4 billion
•Change in Net Position -$165.7 million
CAFR pg. 65
(Dollars in thousands)
June 30,
2019
June 30,
2018
Increase
(Decrease)
% Increase
(Decrease)
Total Revenues 477,088 422,528 54,560 12.9%
Total Expenses 332,407 279,449 52,958 19.0%
Income before capital
contributions 144,681 143,079 1,602 1.1%
Capital facilities capacity charges 21,032 18,077 2,955 16.3%
Increase in net position 165,713 161,156 4,557 2.8%
Beginning net position 2,194,789 2,033,633 161,156 7.9%
Ending net position $ 2,360,502 $ 2,194,789 $ 165,713 7.6%
CAFR pg. 6
Capital Assets
CAFR pg. 8
Available Resources
CAFR pg. 21
•Cash & Investments -$760.5 million
•Increase of $80.1 million
Financial Performance –Debt Service
Fiscal Year Ending June 30,
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total
Revenues 316.6 330.6 352.5 383.7 395.5 397.1 423.7 432 422.6 477.1
Operating Expenses
(1)138.1 143.4 172.3 149.8 146.4 149.2 153.5 150.3 145.6 166.6
Net Revenues 178.5 187.2 180.2 233.9 249.1 247.9 270.2 281.7 277 310.5
Debt Service
Requirements
Principal
Payments 24 25.9 14.4 24 39.6 27.9 29.4 35.6 32.1 31.7
Interest
Payments 43.1 46.5 51 53.6 53.2 53.6 50.3 47.1 43.5 44.4
Total Debt Service
Requirements 67.1 72.4 65.4 77.6 92.8 81.5 79.7 82.7 75.6 76.1
Coverage
Ratios 2.66 2.59 2.76 3.01 2.68 3.04 3.39 3.41 3.66 4.08
Notes
(1) -Operating expenses exclude depreciation and
amortization expenses.
CAFR pg. 71
Financial Performance –Operations
Category 6/30/2019 6/30/2018 Change %
Salaries and benefits $ 85.5 M $ 67.4 M $ 18.1 M 26.9%
Utilities 7.7 M 7.3 M 0.4 M 5.5%
Supplies, repairs and maintenance 31.8 M 28.3 M 3.5 M 12.4%
Contractual services 26.1 M 29.5 M (3.4 M) -11.5%
Feasibility studies 5.9 M 6.1 M (0.2 M) -3.3%
Other 9.6 M 7.0 M 2.6 M 37.1%
$ 166.6 M $ 145.6 M $ 21.0 M 14.4%
•$18.1 million increase in salaries and benefits due to $14.3 million increase in
retirement expenses as a result of the change in projected and actual earnings on
pension plan investments and changes of assumptions.
Information from CAFR pg. 13
and FY 2018 CAFR pg. 13